Over the last few months, the topic of smart shipping and the various purposes of maritime IoT has been receiving increased media attention. A key point to remember is these terms mean different things to different people within the shipping ecosystem, writes Joshua Flood, senior research consultant at Valour Consultancy.
Navarino has joined Ship Data Centre’s IoS Open Platform (IoS-OP), the ship IoT data sharing platform. Navarino will not only work on the transmission and utilisation of the ship operation data in IoS-OP but also contribute to raise the industry’s awareness of IoS-OP.
In recent years there has been a marked increase in cyber-criminal activity. Put simply, as technology advances, so too do the skills of those seeking to exploit it. The growth of IoT provides ‘bad actors’ with more devices and connections to target, allowing them to become more sophisticated. These developments have contributed towards a huge uptake in cyber insurance in recent years. Now though, victims of ransomware attacks have begun to pay. Attacks and breaches now dominate the IT security news headlines. It stands to reason then that insurers must act, so here we look at changes to cybersecurity insurance in the wake of this rise in cyber-crime.
We would recommend a call to your broker, as the previous terms are almost certainly going to be different. Ask about new services too, and of course ensure that you have robust cybersecurity practices in place. This will be subject to higher levels of scrutiny moving forwards, and rightly so.
In line with the acceleration in cyber-crime, cyber insurance has experienced a fertile period. More policies than ever before have been issued, and the amounts of protection available have increased. In 2020, according to sources at Harvard Business Review, the first $1 billion cyber insurance programmes were launched. This is not difficult to imagine when you see the results of recent cybersecurity-related surveys. For example, the Hiscox Cyber Readiness Report 2021 revealed a 50 per cent year-on-year increase in 2019 for cyber losses. It also revealed that businesses were devoting more resources to cybersecurity than ever. Further key findings are as follows:
Coronavirus has certainly had a huge impact on most, if not all sectors. Organisations the world over have lost vast sums of income, with many succumbing to their losses. It has subsequently made some view cyber insurance as a luxury. Yet there is another, far more critical issue to cybersecurity insurance that is ‘changing the playing field’.
Ransomware is perhaps the foremost cybersecurity threat. According to CRIBB Cyber Security’s Patrick Carolan, “it (ransomware) has achieved a lot of success in recent years. Ransoms were set at relatively low amounts and were largely ignored. Nowadays, I believe that the average is over $100,000. They are often paid now too, which means that insurance companies must adopt a more robust approach.”
During the period of growth, many cyber insurers retained 60 per cent on every dollar paid in premiums. Security frameworks, policies and procedures of clients were often not thoroughly examined. Their level of cybersecurity awareness was largely overlooked. Carolan foresees a huge change in this:
“A lot of the people in cybersecurity insurance are leaving that area of the industry. Some are point-blank refusing to insure for ransomware. The ones that remain are therefore charging a lot more and insuring for less. They are also asking for a much higher level of proof of strong cybersecurity controls before issuing any policies.”
It is difficult to predict exactly what lies in store for those seeking cybersecurity insurance. However, it does seem likely that:
Carolan points out the ransomware attempts at cyber insurance companies as being key. “Cyber-criminals can uncover how much ransom they could demand from potential targets. They can find this information directly or through the cybersecurity insurance companies they use. It is vital then to protect cybersecurity policies. I would say you should remove them altogether from areas where they could be found.”
There have been cases where insurance companies have stated they will not pay any ransoms. Subsequently, they have been the victims of attacks. It is clear then that the industry is in a vulnerable position right now.
As stated previously, requirements for insurance are (understandably) becoming more stringent. Some companies are even implementing external vulnerability scans themselves. It makes sense then to carry out a scan beforehand, and CRIBB can help.
This article has been republished with permission from CRIBB Cyber Security. Read the original article here.
Cobham SATCOM has announced the launch of the SAILOR 1000 XTR Ku, the first of a new generation of software-controlled antenna systems designed for quick deployment, operational reliability, simplicity, and best-in-class radio frequency (RF) performance.
Danish ship technology specialist Danelec Marine and TeamViewer, a global provider of secure remote connectivity solutions, have completed trials of an innovative, low-cost and simple to deploy system for ship data transfer and remote access.
Speedcast International has launched a next generation Internet of Things (IoT) platform designed to simplify connectivity, provisioning, and device management through a single console.
ORBCOMM has launched the ST 9100, a next-generation, dual-mode telematics device targeted for monitoring and controlling assets in the most remote geographies around the world.
KSS Line has signed an agreement with Hyundai Global Services (HGS) to take delivery of its Smart Ship and Satellite Communications package, which is supported by Inmarsat’s Fleet Xpress and digital solution Fleet Connect.
With the festive season approaching the wellbeing of seafarers is something shipping companies should prioritise as it can be a very challenging time for those who are away from family and friends over Christmas, says Alexander Buchmann, managing director of Hanseaticsoft.
Danish shipping giant Maersk has launched its second cohort of start-ups under its OceanPro programme that aims to boost innovation and help strengthen its digital agenda.
Digital Ship magazine provides the latest information about maritime satellite communications technology, software systems, navigation technology, computer networks, data management and TMSA. It is published ten times a year.
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